UPDATE: Stifel Initiates Coverage on American Campus Communities with Buy Rating, $50 PT on Market Leader Position

In a report published Wednesday, Stifel analyst Rod Petrik initiated coverage on

with a Buy rating and $50.00 price target. In the report, Stifel noted, “We believe that the company has become the premiere student housing company in the country. It is the sector's largest public company and has gained the reputation as a ‘blue chip' name in the sector. The company currently owns 166 student housing properties containing about 102,000 beds. ACC has the most experienced management team in the student housing business, averaging about 16 years. The company was founded 22 years ago by CEO Bill Bayless and went public in 2004. We believe that Bayless is one of the leading authorities of student housing and has become a ‘bankable' CEO. We would invest in this company because of his leadership.” American Campus Communities closed on Tuesday at $44.43.